Tata chairman Cyrus Mistry fights back
Ousted Mistry appeals to investors over his possible removal from the boards of six Tata companies
Mumbai — Cyrus Mistry, the ousted chairman of Tata Group, accused its biggest shareholders of eroding governance at India’s largest business empire and portrayed himself as a defender of independent decision making in a letter to investors in Tata companies. The conglomerate denied his allegations. Mistry made his appeal on Monday before a series of extraordinary general meetings from December 13 to 26, which were sought to remove him as a director from six companies including Tata Power and Tata Motors, owner of Jaguar Land Rover. The investor votes were called after Mistry resisted efforts to step down as chairman of key group firms following his October 24 removal as head of holding company Tata Sons. In a 14-page missive, Mistry accused family patriarch Ratan Tata and NA Soonawala, trustees of charitable organisations that own a majority stake in the holding company, of overstepping their roles and attempting to improperly control decision making. Tata Sons charged Mistry with c...
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